Slides
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MMS FY26 Results Rob De Luca, CEO and Managing Director Paul Varro, CFO Friday 28th August 2026
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Disclaimer and important information Disclaimer and important notice This presentation has been prepared by McMillan Shakespeare Limited ABN 74 107 233 983 (“MMS”). It contains summary informati on about MMS and its subsidiaries and their activities current as at the date of this presentation. The presentation contains selected information and does not purport to be all inclusive or complete. It should be read in conjunction with MMS’ other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange (ASX). This presentation has not been audited in accordance with Australian Auditing Standards. Information in this presentation is not intended to be relied upon as advice and is not, and should not be considered, a reco mmendation to investors or potential investors. It does not take into account the investment objectives, financial situation and particular needs of any particular investor. Investors should seek their own independent legal, taxation, business and/or financial advice in connection with any investment decision. Past performance information should not be relied upon as (and is not) an indication of future performance. This presentation contains certain forward-looking statements which are based on management’s current expectations, judgements, estimates and projections about matters relevant to MMS’ future performance. Forward-looking statements can generally be identified by the use of words such as ‘forecast’, ‘estimate’, ‘ plan’, ‘will’, ‘anticipate’, ‘would’, ‘could’, ‘may’, ‘believe’, ‘should’, ‘expect’, ‘intend’, ‘outlook’, ‘strategy’, ‘target’, ‘likely’, ‘aim’ or other similar expressions. Similarly, statements that describe objectives, plans, goals, or expectations of the Group are forward -looking. Forward looking statements are not certain and involve known and unknown risks, assumptions, uncertainties and other factors, many of which are beyond the control of MMS and its management. These factors include: economic conditions, changes in government policy or regulation, an increasingly complex geopolitical environment, supply chain dynamics, technological changes (including developments in artificial intelligence) and increased competition. Actual events or results may differ materially, and investors are therefore cautioned not to place undue reliance on such statements. To the extent permitted by law, is under no obligation to update any forward -looking statements. Forward-looking statements may also be made – verbally and in writing – by management in connection with this presentation. Such statements are also subject to the same limitations, uncertainties and assumptions which are set out in this presentation. The information in this presentation is for information purposes only and is not an offer of securities for subscription, pur chase or sale in any jurisdiction or otherwise engage in any investment activity and neither this presentation nor anything in it shall form the basis of any contract or commitment whatsoever. It is not a prospectus or product disclosure statement, financial product, investment advice or a recommendation to acquire MMS shares or other securities. To the maximum extent permitted by law, no representation or warranty, express or implied, is made as to the fairness, accura cy, reliability, completeness, reasonableness or correctness of the information, opinions, statements, assumptions and conclusions contained in this presentation. To the maximum extent permitte d by law, none of MMS, its directors, employees, agents or advisers, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwis e arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of MMS or its directors, employees, agents or advisers. All dollar values are in Australian dollars ($) unless stated otherwise. Due to rounding, number presented throughout this document may not add up precisely to the totals provided and percentages ma y not precisely reflect the absolute figures. This document was authorised for release by the MMS Board. 2
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Artwork ‘The Next Chapter’ created by LaToya Kennedy We acknowledge the Traditional Owners of the lands on which we meet today and pay our respects to Elders past and present. 3
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Record UNPATA and Underlying EPS ↑ 13.8%. GRS UNPATA ↑ 24.9% Customer growth across all segments with strong digital engagement and satisfaction Strategy execution delivering superior customer experiences, enhanced distribution and improved operating margin up 250bps Key messages Attractive returns for shareholders, ROCE of 62.1%, annual fully franked dividend $1.32 per share and dividend yield 6.6%1 All financial and metric information in this presentation is from Continuing operations unless otherwise stated. Results are no longer Normalised, refer to Appendix for comparatives to FY25 Normalised results. Refer Endnotes in Appendix for definitions of Normalised, Continuing operations, UNPATA and ROCE. 1. Based on FY26 declared dividends per share and 30 day VWAP share price to 21 August 2026. 4
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All financial and metric information in this presentation is from Continuing operations unless otherwise stated. Results are no longer Normalised, refer to Appendix for comparatives to FY25 Normalised results. Refer Endnotes in Appendix for definitions of Normalised, Continuing operations, Operating Income, EBITDA, UNPATA and ROCE. Revenue $602.1m ↑6.8% EBITDA $180.7m ↑14.1% UNPATA $107.9m ↑13.8% Underlying EPS $1.55 per share ↑13.8% ROCE 62.1% ↑83bps Fully-franked dividend $1.32 per share Interim dividend 62cps Final dividend 70cps Statutory NPAT $106.7m ↑11.4% Operating Income $435.2m ↑7.2% FY26 Financial highlights Record UNPATA and Underlying EPS ↑13.8% 5
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Asset Management Services (AMS) Plan and Support Services (PSS) Fleet units 16k ↑3.3% Customers 44k ↑3.0% NPS +45 Digitally processed invoices4 ↑ 43%pts NPS2 +53 Digital vehicle bookings3 ↑ 308% 1. Weighted average of Apple App Store ratings for MyMaxxia 4.6, MyRemserv 4.5 and Oly 4.4 based on number of reviews of each as at 8 July 2026. 2. Annual score measured in May-26. 3. Client pool fleet vehicle bookings. 4. Excludes My Plan Support. Group Remuneration Services (GRS) Salary packages 402k ↑7.1% Novated leases 90k ↑13.5% Digital App rating1 4.6★ NPS +50 Digitally processed claims 94% FY26 Customer highlights Growth across all segments with strong digital engagement and satisfaction CSAT 80% 6
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↓~5 days2 Lead to settlement time Broadened distribution via NAB partnership and simplified the employer onboarding experience Advanced AI and data capabilities in GRS with real- time agent monitoring to drive service excellence ↑42%1 Users of MMS dealer platform ↓13%4 Average handling time ↑185%3 Oly registered employers ↑23%pts3 Employer to lease conversion ↓18%5 Average after call work time Deliver simplified and scalable solutions to meet evolving customer needs Drive technology and capability enablement to serve customers more productively FY26 Strategy execution highlights Investments delivering superior customer experiences, enhanced distribution & improved operating margin up 250bps Excel in customer and partner experience to grow trusted relationships Delivered superior customer experience from stronger integration with expanded OEM partners via our digital dealer platform 2 31 Superior customer experience AI & data-enabled productivity Productivity gains Service improvementsGrowing connectivity Superior experience Enhanced distribution Simplified experience Oly enhanced distribution 1. Increase in registered users. 2. Leads via Partnerships Q4FY26 vs Q4FY25. 3. Jun-26 vs Jun-25. 4. GRS operations, excluding sales and Oly. 5. Measured as average over period Oct-25-Jun-26, post full implementation in Sep-25 vs FY25 average. 7
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Responsible business Low carbon economy Social impact 42% of MMS internal car fleet BEVs 100% of MMS sites transferred to GreenPower or renewable electricity ESG ‘AAA’ rating Upgraded from ‘AA’ in Mar-26 Great Place To Work Certified since Oct-24 $12.6m of Fleet vehicles funded with green finance Bravery Trust sponsorship supporting Veterans financial wellbeing Mentoring people with disability via Australian Disability Network's Career Mentoring program RAP Innovate Commenced Sep-25 105.6% gender pay equity1 FY26 Sustainability strategy highlights 1. Total remuneration gender pay equity target of 95-105% on average applies for like-for-like roles with 10 or more incumbents. 8 MSCI
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Segment Performance 9
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EBITDA $137.2m 24.8% GRS Performance highlights A leader in salary packaging and novated leasing, with strong customer growth and operating leverage Operational Metrics Salary packages 402k 7.1% Novated leases (NL) 90k 13.5% Customers Revenue $351.0m 11.2% Financial Performance NL yield Yield vs pcp NL sales Sales vs pcp 16.6% Productivity Customers to FTE1 # OBF Receivables Closing balance ($m) Highlights +14 Net new client wins with access to ~103k employees 77% Oly NL sales growth 37% 2HFY26 NL orders underpinned by investment in sales FTE NL yield reflects 2HFY25 PHEV surge and competitive value propositions 498bps in Operating margin to 42.8% 4.1% 8.4% FY25 FY26 (0.1%) (3.0%) FY25 FY26 17.5% Operating income $320.8m 10.3% Refer Endnotes in Appendix for definitions of Operating margin, Operating income and EBITDA. 1. End of period. FTE relate to GRS operations, excludes management and corporate functions such as Finance, IT and HR. Change from FY25 previously reported 642 reflects inclusion of Onboard Finance. 503 587 FY25 FY26 10 625 734 30-Jun-25 30-Jun-26
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WDV Closing balance ($m) AMS Performance highlights Specialist Fleet Manager, growing customers Operational Metrics Fleet units 16k 3.3% Customers Financial Performance Remarketing yield Yield vs pcp Remarketing units Units vs pcp 1.0% Productivity Leased assets per FTE1 (#) Highlights +20 Net new client wins1 30% growth in managed only units Remarketing yield benefiting from early termination fees in FY26 WDV and remarketing units reflecting slowing of client fleet replacement cycles $0.7m one-off cost to establish BPO and consolidate car yards for future efficiencies 53.6% Operating margin remains strong 17.2% 209 245 FY25 FY26 233.3 219.8 153.0 162.5 386.3 382.3 FY25 FY26 On BS Off BS 107% 91% FY25 FY26 99% 110% FY25 FY26 EBITDA $27.7m 4.8% Revenue $188.4 1.3% Operating income $51.7m 1.7% Refer Endnotes in Appendix for definitions of Operating margin, Operating income and EBITDA. 1. Fleet clients with fleet size of ≥5. 2. Excludes Just Honk. Average over the period. FTE relate to leased asset management, excludes management and corporate functions such as Finance, IT and HR. 11
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PSS Performance highlights #2 Plan Manager1, well positioned to support NDIS reforms 44k 3.0% Highlights 14.5% Revenue walk ($m) Productivity Customers to FTE3 (#) NDIS removal of set up fees MPS acquisition GrowthFY25 FY26 5.9% Revenue despite NDIS removal of set up fees 1 July 2025 $3.4m costs for My Plan Support $1.1m invested in enhanced fraud detection & verification capabilities 43%pts2 digitally processed invoices NDIA payment integrity checks 88% Increase in claims subject to review 234 268 FY25 FY26 EBITDA $15.1m 4.6% Revenue $59.8m 5.9% Operating margin 25.2% Refer Endnotes in Appendix for definition of EBITDA and Operating margin. 1. Based on Jun-26 NDIS Quarterly Report payments data and other publicly available customer numbers. 2. Excludes My Plan Support. 3. Average over the period. FTE relate to plan management service delivery, excludes management and corporate functions such as Finance, IT and HR. 56.5 4.7 (4.4) 3.0 59.8 12 Operational MetricsCustomers Financial Performance
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Financials 13
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$m FY26 FY25 Variance $m Variance % Revenue 602.1 563.9 38.2 6.8% Cost of sales 166.8 158.0 8.8 5.6% Operating income 435.2 405.8 29.5 7.2% Operating expenses 254.6 247.5 7.0 2.8% EBITDA 180.7 158.3 22.4 14.1% D&A and interest expense 26.2 22.3 3.8 17.2% Tax 46.6 41.2 5.5 13.3% UNPATA 107.9 94.8 13.1 13.8% UNPATA adjustments (1.2) 1.0 (2.2) >(100%) Statutory NPAT – Cont. Ops 106.7 95.8 10.9 11.4% Discontinued operations (0.6) (0.5) (0.1) (26.5%) Statutory NPAT 106.1 95.3 10.8 11.3% Operating margin (%) 41.5% 39.0% 250bps EBITDA margin (%) 30.0% 28.1% 193bps Cost to income ratio (%) 58.5% 61.0% 250bps Cost of sales breakdown 166.8 158.1 8.8 5.6% Operating lease depreciation 52.9 53.5 (0.6) (1.2%) Leasing and vehicle mng’t costs 74.5 69.7 4.8 6.8% Finance costs 39.5 34.8 4.7 13.5% Financial Overview Revenue growth and productivity delivering operating leverage FY26 Operating expenses $m Wage, vendor and regulatory inflation Establish BPO OlyNon- recurring FY25 FY26 FY25 Variance FTE’s (ending) (#) 1,263 1,338 (75) Customers per FTE (#) 437 383 54 FY25 FY26Productivity Refer Endnotes in Appendix for definitions of Normalised, Continuing operations, Operating income, EBITDA, UNPATA, Operating margin, EBITDA margin and Cost to income ratio. +2.8% Productivity delivering operating leverage Sales & distribution MPS 14 247.5 7.1 (6.1) 5.9 4.0 2.5 (7.5) 1.4 254.6
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30-Jun-26 30-Jun-25 Cash at bank 95.9 126.3 Client trust funds (GRS) 470.2 406.5 Other current assets 71.6 55.5 Total fleet and novated receivables 817.4 750.9 Goodwill / intangibles 89.3 100.7 Other non-current assets 46.5 40.2 Total Assets 1,590.9 1,480.2 Client trust funds (GRS) 470.2 406.5 Trade payables and accruals 100.2 94.2 Other current liabilities 41.5 96.0 Borrowings: Fleet and novated leases 730.2 646.8 Borrowings: Corporate and other1 69.0 73.1 Other non-current liabilities 53.4 50.7 Total Liabilities 1,464.5 1,367.4 Net Assets 126.4 112.8 Balance Sheet and Funding Strong and flexible balance sheet with low corporate leverage 1. Borrowings: Corporate and other are inclusive of other loans payable. 2. Debt defined as current and non-current borrowings, excluding Onboard Finance and fleet funded debt and lease liabilities. EBITDA (PBT from total operations, plus interest and depreciation other than that associated with fleet funded debt, Onboard Finance debt and lease liabilities). 3. Total Operations NPBT plus interest expense (excl. Onboard Finance interest expense and group lease liabilities) / Interest expense (excl. Onboard Finance interest expense and group lease liabilities). Key Metrics Net debt to EBITDA2 0.4x vs 0.5x pcp Interest times cover3 11.9 vs 10.3x pcp Debt Maturity Profile – 30 June 2026 Balance Sheet AMS MMS Corp Debt Onboard Finance PSS ($m) No Maturities due in the next 12mths 20302027 20292028 15 60.0 40.0 366.4 59.5 78.8 186.6 9.0 8.0 166.8 19.1 24.0 Drawn Undrawn August June July September JulySeptember September 2026
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Strong Underlying Cashflows$m FY26 FY25 UNPATA (Continuing operations) 107.9 94.8 UNPATA adjustments & discontinued operations (1.8) 0.5 Statutory NPAT (Total operations) 106.1 95.3 D&A (non-fleet), reserves and other non-cash items 19.9 19.4 Tax instalments (higher) / lower than expense (51.6) 13.8 A Capex (non-fleet) (13.2) (20.1) B Working capital inflow / (outflow) 7.3 (15.9) C Operating cash movement 68.5 92.5 Net cash from Warehouse/ AMS fleet inflow / (outflow) 11.5 (5.7) D Other borrowings inflow / (outflow) (4.1) 6.9 E Borrowings and Warehouse/AMS fleet net cash increase 7.3 1.2 Payments for lease liabilities (4.3) (6.2) Net proceeds from sale Discontinued ops - 1.3 Acquisition of subsidiary - (8.7) Dividends paid (96.8) (103.8) Treasury shares acquired (5.1) (3.1) Total other cash (decrease) (106.2) (120.4) Total cash (decrease) (30.3) (26.7) Opening cash 126.3 153.0 Closing cash 95.9 126.3 Underlying cash conversion remains strong at 111% excluding tax timing. A. Tax instalments in FY26 temporarily elevated as cash benefits from Temporary Full Expensing revert B. Software capex lower post Simply Stronger. FY26 higher from one off non-recurring capex items C. Timing impacts of vehicle and insurance payments D. Includes OBF and AMS, FY26 includes AMS leverage optimisation E. FY25 includes proceeds from My Plan Support acquisition finance Refer Endnotes in Appendix for definitions of Continuing operations and UNPATA. Cashflow Strong underlying cash conversion 111%, excluding temporary tax timing difference 16
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Strategy and outlook 17
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High NPS EPS Growth Employer of Choice High ROCE Strong Margin Our Core Competencies Trusted partner, providing solutions that make matters simple Excel in customer and partner experience to grow trusted relationships 1 Drive technology and capability enablement to serve customers more productively Deliver simplified and scalable solutions to meet evolving customer needs 2 3 Delivering simplified solutions Harnessing ecosystem partnerships Managing B2B2C relationships Financing and conditional payments Leveraging data and technology Making Matters Simple Our Vision Our Strategic Priorities Our Vision Our Outcomes 18 MMS Strategy to deliver sustainable growth
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Leading player with significant reach 41.5% Operating margin 62.1% ROCE 111% Underlying cash conversion7 50% Recurring revenue6 $1.7bn Financed Assets3 44k PSS Customers 106k Mobility solutions $8.0bn Payments 402k Salary packages Refer Endnotes in Appendix for definition of Operating margin and ROCE. 1. Annual score measured in May-26. 2. Top 20 clients, last 12 months.. 3. Net Amount Financed in FY26. 4. Weighted average of Apple App Store ratings for MyMaxxia 4.6, MyRemserv 4.5 and Oly 4.4 based on number of reviews of each as at 8 July 2026. A trusted and scale provider with attractive financial characteristics 4.6★ Digital app rating4 ↑14.1% on pcp Customers/FTE productivity5 Scalable and digitally enabled platform Attractive financial characteristics 100% GRS retention2 +50 GRS NPS +53 AMS NPS1 +45 PSS NPS Trusted partner with sustained relationships 100% AMS retention2 2.6m Consumers 53k Businesses 19 MMS Investment proposition 5. Closing customers / end of period FTE. 6. % of Statutory Revenue. Reflects Revenue from services over time vs. point-in-time delivery. 7. Includes CAPEX. Underlying cash conversion excludes repayment of prior year tax cashflow benefits from Temporary Full Expensing.
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0.92 1.30 1.36 1.55 FY23 FY24 FY25 FY26 66.4 90.4 94.8 107.9 FY23 FY24 FY25 FY26 UNPATA $m Underlying EPS $ +17.6% CAGR +18.9% CAGR ROCE1 %Revenue $m 35.7% 53.6% 61.0% 62.1% FY23 FY24 FY25 FY26 ↑ 26.4%pts Refer Endnotes in Appendix for definitions of UNPATA and ROCE. 1. Total operations for FY23 and FY24. 464.0 521.0 563.9 602.1 FY23 FY24 FY25 FY26 +9.1% CAGR Strong performance and attractive returns for shareholders Since setting strategy in 2023 20
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▪ Supportive environment for business growth ▪ July 2026 novated lease sales momentum, up 8% ▪ Certainty on EV FBT exemption and shifting vehicle preference towards EVs in novated and fleet ▪ Demand for salary packaging with continued cost of living and inflationary pressures ▪ Remarketing income to reflect elevated demand for EVs and softer demand for ICE used vehicles ▪ Second largest and well positioned Plan Management provider. Continue to engage with government on emerging NDIS reforms ▪ Continue to deliver productivity gains which will support selective reinvestment in broadening sales capability and enhancing customer value propositions ▪ Ongoing execution of our strategic priorities: (1) excel in customer & partner experience, (2) deliver simplified & scalable solutions, and (3) drive technology & capability enablement 21 FY27 Outlook MMS enters FY27 from a position of strength
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Appendix 22
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Continuing operations. All financial information and metrics in this presentation are from continuing operations only unless otherwise stated. Discontinued operations comprise of costs related to the former Australian Asset Finance Aggregation and UK businesses. Normalised refers to adjustments made for the negative earnings transitional period for the implementation of the funding warehouse, Onb oard Finance ("Warehouse"). The adjustment normalised for the Warehouse's in year operating income and expenses and an adjustment for commissions that would have otherw ise been received had the sales been financed via a principal and agency funder rather than through the Warehouse. Operating income Statutory revenue less operating lease depreciation, leasing and vehicle management costs and finance costs associated with A MS and Onboard Finance funded assets. EBITDA Earnings before interest (excluding fleet and warehouse asset related interest), tax, depreciation (excluding fleet operating lease depreciation) and amortisation (EBITDA) excludes the pre-tax impact of acquisition and divestment related activities and non -operational items otherwise excluded from UNPATA on a po st-tax basis. Operating margin calculated as EBITDA divided by Operating income. EBITDA margin calculated as EBITDA divided by Statutory revenue. Cost to income ratio calculated as expenses included in EBITDA but excluding operating lease depreciation, leasing and vehicle management costs an d finance costs associated with AMS and Onboard Finance funded assets divided by Operating income. UNPATA Underlying net profit after tax, being net profit after tax but before the after -tax impact of acquisition and divestment related activities and non-operational items. UNPATA adjustments are detailed in the appendix. Return on capital employed (ROCE) is based on the last 12 months' earnings before interest and tax (EBIT). EBIT (continuing operations) is before the pre -tax impact of acquisition and any divestment related activities, restructuring and non -operational items otherwise excluded from UNPATA on a post -tax basis. Capital employed excludes borrowings related to Onboard Finance and excludes lease liabilities. Endnotes - definitions 23
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$m GRS AMS PSS Unallocated MMS FY26 FY25 Var FY26 FY251 Var FY26 FY25 Var FY26 FY25 Var FY26 FY25 Var Revenue 351.0 315.8 11.2% 188.4 185.9 1.3% 59.8 56.5 5.9% 2.9 5.7 (49.9%) 602.1 563.9 6.8% Cost of sales 30.2 24.8 21.9% 136.6 133.2 2.6% - - - - - - 166.8 158.0 5.6% Operating income 320.8 291.0 10.3% 51.7 52.7 (1.8%) 59.8 56.5 5.9% 2.9 5.7 (49.9%) 435.2 405.8 7.2% Operating expenses 183.6 181.0 1.4% 24.0 23.5 2.0% 44.8 40.7 10.0% 2.2 2.3 (3.0%) 254.6 247.5 2.8% EBITDA 137.2 110.0 24.8% 27.7 29.1 (4.8%) 15.1 15.8 (4.6%) 0.6 3.4 (81.1%) 180.7 158.3 14.1% D&A 18.1 14.7 23.4% 1.8 1.8 (2.2%) 1.0 1.0 (5.9%) - - - 20.8 17.5 19.0% Interest expense 1.5 1.1 34.4% 0.1 0.1 (1.0%) 0.0 0.0 14.3% 3.7 3.6 3.7% 5.3 4.8 10.7% Tax 35.2 28.2 24.8% 8.2 8.2 0.2% 4.3 4.4 (3.2%) (1.0) 0.4 >(100%) 46.6 41.2 13.3% UNPATA 82.5 66.0 24.9% 17.7 19.0 (7.1%) 9.8 10.3 (4.7%) (2.1) (0.6) >(100%) 107.9 94.8 13.8% Key Metrics Operating margin (%) 42.8% 37.8% 498bps 53.6% 55.3% (169bps) 25.2% 27.9% (276bps) - - - 41.5% 39.0% 250bps GRS Salary packages (#’000) 402 376 7.1% - - - - - - - - - 402 376 7.1% GRS Novated leases (#’000) 90 79 13.5% - - - - - - - - - 90 79 13.5% GRS OBF avg. Receivables ($m) 540 412 31.0% - - - - - - - - - 540 412 31.0% GRS OBF Cost of funds (%) 5.6% 5.9% (0.3%) - - - - - - - - - 5.6% 5.9% (0.3%) AMS Fleet units (#’000) - - - 16 15 3.3% - - - - - - 16 15 3.3% PSS Customers (#’000) - - - - - - 44 43 3.0% - - - 44 43 3.0% AMS Revenue breakdown Principal & interest (%) 41.3% 42.1% (83bps) Tyres, maintenance & other (%) 10.4% 11.2% (82bps) Proceeds from vehicle sales (%) 48.4% 46.7% 164bps Segment financials – vs FY25 Refer Endnotes in Appendix for definitions of Operating income, EBITDA, UNPATA and Operating margin. 1. FY25 includes a minor reclassification between Cost of sales and Revenue, and within Revenue between T&M and Proceeds from vehicle sales. 24
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$m GRS AMS PSS Unallocated MMS FY26 FY25 Norm.1 Var FY26 FY25 Var FY26 FY25 Var FY26 FY25 Norm. 1 Var FY26 FY25 Norm. 1 Var Revenue 351.0 293.4 19.6% 188.4 185.9 1.3% 59.8 56.5 5.9% 2.9 6.3 (54.3%) 602.1 542.0 11.1% Cost of sales 30.2 - n/a 136.6 133.2 2.6% - - - - - - 166.8 133.2 25.2% Operating income 320.8 293.4 9.3% 51.7 52.7 (1.8%) 59.8 56.5 5.9% 2.9 6.3 (54.3%) 435.2 408.8 6.5% Operating expenses 183.6 173.4 5.9% 24.0 23.5 2.0% 44.8 40.7 10.0% 2.2 2.3 (3.0%) 254.6 239.9 6.1% EBITDA 137.2 120.0 14.4% 27.7 29.1 (4.8%) 15.1 15.8 (4.6%) 0.6 4.0 (83.7%) 180.7 168.9 7.0% D&A 18.1 13.2 36.9% 1.8 1.8 (2.2%) 1.0 1.0 (5.9%) - - - 20.8 16.1 29.8% Interest expense 1.5 1.1 34.4% 0.1 0.1 (1.0%) 0.0 0.0 14.3% 3.7 3.6 3.7% 5.3 4.8 10.6% Tax 35.2 31.6 11.2% 8.2 8.2 0.2% 4.3 4.4 (3.2%) (1.0) 0.6 >(100%) 46.6 44.8 4.1% UNPATA 82.5 74.0 11.4% 17.7 19.0 (7.1%) 9.8 10.3 (4.7%) (2.1) (0.2) >(100%) 107.9 103.2 4.6% Key Metrics Operating margin (%) 42.8% 40.9% 187bps 53.6% 55.3% (169bps) 25.2% 27.9% (276bps) - - - 41.5% 41.3% 19bps GRS Salary packages (#’000) 402 376 7.1% - - - - - - - - - 402 376 7.1% GRS Novated leases (#’000) 90 79 13.5% - - - - - - - - - 90 79 13.5% GRS OBF avg. Receivables ($m) 540 - n/a - - - - - - - - - 540 - n/a GRS OBF Cost of funds (%) 5.6% - n/a - - - - - - - - - 5.6% - n/a AMS Fleet units (#’000) - - - 16 15 3.3% - - - - - - 16 15 3.3% PSS Customers (#’000) - - - - - - 44 43 3.0% - - - 44 43 3.0% AMS Revenue breakdown Principal & interest (%) 41.3% 42.1% (83bps) Tyres, maintenance & other (%) 10.4% 11.2% (82bps) Proceeds from vehicle sales (%) 48.4% 46.7% 164bps Segment financials – vs Normalised FY25 Refer Endnotes in Appendix for definitions of Normalised, Operating income, EBITDA, UNPATA and Operating margin. 1. FY25 Warehouse Normalisation UNPATA $(8.4m) included: Revenue $22.4m, EBITDA $(10.0m), EBIT $(11.5m), and UNPATA $(8.0m) reported in the GRS segment, and Revenue $(0.6m), EBITDA $(0.6m), and UNPATA $(0.4m) reported in the Unallocated segment. 2. FY25 includes a minor reclassification between Cost of sales and Revenue, and within Revenue between T&M and Proceeds from vehicle sales. 25
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$m GRS AMS PSS Unallocated MMS 1HFY26 2HFY26 FY26 1HFY261 2HFY26 FY26 1HFY26 2HFY26 FY26 1HFY26 2HFY26 FY26 1HFY26 2HFY26 FY26 Revenue 167.6 183.4 351.0 98.9 89.5 188.4 29.3 30.5 59.8 1.9 1.0 2.9 297.7 304.4 602.1 Cost of sales 15.9 14.3 30.2 71.6 65.0 136.6 - - - - - - 87.5 79.3 166.8 Operating income 151.7 169.1 320.8 27.2 24.5 51.7 29.3 30.5 59.8 1.9 1.0 2.9 210.1 225.1 435.2 Operating expenses 89.2 94.3 183.6 12.3 11.7 24.0 22.9 21.9 44.8 0.9 1.3 2.2 125.4 129.2 254.6 EBITDA 62.5 74.8 137.2 14.9 12.9 27.7 6.4 8.6 15.1 1.0 (0.3) 0.6 84.7 95.9 180.7 D&A 9.1 9.0 18.1 0.7 1.0 1.8 0.6 0.4 1.0 - - - 10.4 10.4 20.8 Interest expense 0.8 0.7 1.5 0.0 0.1 0.1 0.0 0.0 0.0 1.8 1.9 3.7 2.6 2.7 5.3 Tax 15.7 19.5 35.2 4.2 3.9 8.2 1.7 2.6 4.3 (0.3) (0.8) (1.0) 21.4 25.3 46.6 UNPATA 36.9 45.5 82.5 9.9 7.8 17.7 4.1 5.6 9.8 (0.6) (1.5) (2.1) 50.3 57.6 107.9 Key Metrics Operating margin (%) 41.2% 44.2% 42.8% 54.6% 52.5% 53.6% 21.9% 28.3% 25.2% - - - 40.3% 42.6% 41.5% Segment financials FY26 with half splits Refer Endnotes in Appendix for definitions of Operating income, EBITDA, UNPATA and Operating margin. 1. 1HFY26 include a minor reclassification between Cost of sales and Revenue. 26
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$m FY25 Normalised FY25 Normalisation1 FY25 FY26 Change FY26 Revenue 293.4 22.4 315.8 35.3 351.0 Cost of sales - 24.8 24.8 5.3 30.2 Operating income 293.4 (2.5) 290.9 30.0 320.8 Operating expenses 173.4 7.6 180.9 2.7 183.6 EBITDA 120.0 (10.0) 110.0 27.2 137.2 D&A 13.2 1.5 14.7 3.4 18.1 Interest expense 1.1 - 1.1 0.4 1.5 Tax 31.6 (3.4) 28.2 7.0 35.2 UNPATA 74.0 (8.0) 66.0 16.5 82.5 Key Metrics Operating margin (%) 40.9% 37.8% 42.8% EBITDA margin (%) 40.9% 34.8% 39.1% GRS Salary packages (#’000) 376 - 376 26 402 GRS Novated leases (#’000) 79 - 79 11 90 GRS OBF Receivables ($m) n/a 503 503 84 587 GRS: Bridge FY25 Normalised to FY26 Refer Endnotes in Appendix for definitions of Normalised, Continuing operations, Operating income, EBITDA, UNPATA, Operating margin and EBITDA margin. 1. FY25 Warehouse Normalisation UNPATA $(8.4m) included: Revenue $(0.6m), EBITDA $(0.6m), and UNPATA $(0.4m) reported in the Unallocated segment. Revenue EBITDA UNPATA - (24.8) (30.2) 293.4 291.0 320.8 +19.6% +14.4% +11.4% P&L change by category Cost of sales $m Operating income $m 293.4 315.8 351.0 FY25 Normalised FY25 FY26 120.0 110.0 137.2 FY25 Normalised FY25 FY26 74.0 66.0 82.5 FY25 Normalised FY25 FY26 27
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Local Currency Australian Dollars ($m) Currency Facility size Facility size Amount drawn Amount undrawn Duration Asset Financing Australia Revolving A$ 210.5 210.5 162.6 47.9 (A$48m) 30 June 2028 (A$78.6m) 30 September 2028 (A$102.8m) 30 September 2029Asset Financing New Zealand Revolving NZ$ 23.0 18.9 15.7 3.2 Novated Receivables Warehouse Revolving A$ 533.2 533.2 366.4 166.8 Revolving up to 31 July 2028 ($402.4m) and 10 September 2028 ($130.8m). Amortising up to 31 July 2030 ($533.2m) Novated Amortising Facility Amortising A$ 186.6 186.6 186.6 - Estimated ‘Clean up’ call of $60m at 1 July 2028. Final legal maturity 30 September 2029 MMS Working Capital Bullet A$ 60.0 60.0 60.0 - 25 August 2027 MPS Acquisition Amortising A$ 9.0 9.0 9.0 - 31 July 2030 28 Funding details
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($m) FY26 FY25 Var % UNPATA Continuing operations 107.9 94.8 13.8% UNPATA Adjustments Amortisation of acquired intangible assets acquired on business combination (0.6) (0.3) 93.2% Software and other asset write offs - (1.1) 100% Tax adjustments relating to prior years - 2.3 (100%) Restructure and redundancy costs (0.3) - (100%) My Plan Support integration costs (0.3) - (100%) Total Adjustments (1.2) 1.0 >(100%) Statutory NPAT Continuing operations 106.7 95.8 11.4% Discontinued operations (0.6) (0.5) (26.5%) Statutory NPAT 106.1 95.3 11.3% Refer Endnotes in Appendix for definitions of UNPATA and Continuing operations. 29 Reconciliation between UNPATA and Statutory NPAT
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Key Dates Final Results presentation Friday 28th August 2026 Ex-dividend Thursday 10th September 2026 Record date Friday 11th September 2026 Payment date Friday 25th September 2026 30